Perfect Competition and the Transformation of Economics. By Frank M. Machovec. New York and London: Routledge, 1995 rofessor Machovec of Walford College has written what might be called a monograph in the history of economic thought, dealing with the economic profession's adoption of the general equilibrium theory as the starting point of all economic analysis. He argues that this revolu- tion, which took place in the 1920s, radically altered the way economists would come to view economic phenomena. The acceptance of this new "paradigm" meant the abandonment of specific ideas associated with classical economics. The importance of this book is Machovec's documentation of how the adoption of empirical methodology leads to the abandonment of key classical concepts and leads to the adoption of an anti-market bias. "The classical destxip- tion of the market process a broad tapestry which explains much but provides no concrete mathematical prediction: ~une to be considered useless and thus was no longer defined as a legitimate theory in the sense of positive science" (p. 269). Having abandoned the view of the market as an ongoing process of resource allocation, the way was clear for the adoption of utopian and activist policies. Machovec discusses anti-trust law
The Review of Austrian Economics – Springer Journals
Published: Nov 26, 2006
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